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AC 07-25-2022 PresentationsJuly 25, 2022 Treasurer’s Investment Report Month ending June 30, 2022 Policies Cash and Investments Investments Compliance Agenda 2 Policies •California Government Code •Municipal Code •Audit Committee Charter •City Investment Policy •Pension Trust Investment Policy •OPEB Trust Investment Policy Policies 4 Cash and Investments General $123,247,124 53% Special Revenue $47,551,397 21% Debt Service $6,850 0% Capital Projects $39,585,744 17% Enterprise $12,838,330 6% Internal Service $7,892,591 3% Cash and Investments by Fund Type Cash $32,685,969 14% Cash Equivalents $21,059,752 9% Investments $156,885,311 68% Restricted for Pension $20,491,004 9% Cash and Investments by Account Type $231.1M $231.1M 6 Cash and Investments –General Ledger Balance by Fund As of June 30, 2022 Fund Type Beginning Balance Receipts Disbursements Journal Adjustments Ending Balance General Fund 119,249,280 9,541,698 (4,962,941)(580,913)123,247,124 Special Revenue Funds 47,666,490 811,005 (592,486)(333,612)47,551,397 Debt Service Funds 2,284,850 --(2,278,000)6,850 Capital Projects Funds 39,996,401 110,000 (520,657)-39,585,744 Enterprise Funds 13,250,444 229,139 (698,180)56,927 12,838,330 Internal Service Funds 7,310,232 -(647,102)1,229,461 7,892,591 Total $ 229,757,697 $ 10,691,842 $ (7,421,366)$ (1,906,137)$ 231,122,036 7 Beginning Balance Ending Balance % of Portfolio Cash in banks and on hand Operating Checking (Wells Fargo)31,003,574 32,654,882 14% Workers' Compensation Checking (Wells Fargo)26,623 17,654 0% Payroll Checking (Wells Fargo)--0% Restricted for Bond Repayments1 (BNY Mellon)2,286,333 8,333 0% Petty Cash and Change 5,100 5,100 0% Cash Equivalents Local Agency Investment Fund 21,059,752 21,059,752 9% Investments Investments (Chandler)156,885,311 156,885,311 68% Restricted for Pension (PARS)18,491,004 20,491,004 8% Total Cash and Investments $ 229,757,697 $ 231,122,036 100% Cash and Investments –General Ledger Balance As of June 30, 2022 1 Cash held by fiscal agent for bond repayments 8 Beginning Balance Ending Balance % of Portfolio Cash in banks1 Operating Checking (Wells Fargo)30,519,591 32,249,699 15% Workers' Compensation Checking (Wells Fargo)26,922 19,738 0% Payroll Checking (Wells Fargo)--0% Restricted for Bond Repayments2 (BNY Mellon)2,286,333 8,333 0% Cash Equivalents Local Agency Investment Fund 21,059,752 21,059,752 10% Investments Investments (Chandler)149,697,509 148,744,657 68% Restricted for Pension (PARS)16,302,481 17,240,051 8% Total Cash and Investments $ 219,892,588 $ 219,322,230 100% Cash and Investments –Bank Balance As of June 30, 2022 1 Unadjusted balance from the bank statement. Does not reflect outstanding checks or deposits in transit. 2 Cash held by fiscal agent for bond repayments 9 Investments Section 115 Trust Equities 66% Fixed Income 28% Real Assets 5%Cash 1% Market Value by Asset Class Asset Class Range Target Equities 50%-70%63% Fixed Income 20%-40%29% Real Estate 0%-15%5% Commodities 0%-10%2% Cash 0%-10%1% 11 Section 115 Trust As of June 30, 2022 Beginning Balance Contributions Earnings/ Losses Expenses Distributions Ending Balance Pension $16,302,481 $2,000,000 (1,057,562)$(4,868) -$17,240,051 OPEB 33,524,972 -(2,175,100)(10,046) -31,339,861 Total $49,827,453 $2,000,000 $(3,232,663)$(14,878) $-$48,579,912 Rate of Return * 1-month 3-month 1-year 3-year 5-Year 10-Year City of Cupertino Pension -6.46%-12.99%-17.28%3.96%-- City of Cupertino OPEB -6.49% -13.02%-17.30%2.73%4.39%5.71% 12*Rate is annualized for periods longer than one year Local Agency Investment Fund (LAIF) As of June 30, 2022 Beginning Balance Deposits Interest Earnings* Withdrawals Ending Balance Annual Interest Rate LAIF $21,059,752 $-$-$-$21,059,752 0.32% *Interest is deposited quarterly 13 Investments (Chandler) As of June 30, 2022 May 31, 2022 June 30, 2022 Market Value 149,697,509 148,744,657 Par Value 154,801,899 155,016,024 Book Value 154,937,218 155,117,380 Average Maturity 2.84 years 2.74 years Average Modified Duration 2.49 2.39 Average Purchase Yield-to-Market 1.41%1.41% Rate of Return* 3-month 1-year 3-year 5-year 10-year City of Cupertino -0.95%-4.76%0.25%N/A N/A ICE BofA 1-5 Yr US Treasury & Agency Index -0.81%-4.60%0.04%N/A N/A 14* Rate is annualized for periods longer than one year Compliance 1.All of the City’s investments are in compliance with state law and the City’s Investment Policy 2.In compliance with California Government Code 53646 (b)(3), the City has sufficient funds to meet its expenditure requirements for the next six months Compliance 16 Questions? July 25, 2022 Treasurer’s Report Month ending June 30, 2022 Policies Receipts, Disbursements, and Cash Balance Revenues, Expenses, and Fund Balance Agenda 2 •California Government Code •Municipal Code •Audit Committee Charter Policies 3 4 Receipts, Disbursements, and Cash Balance Beginning Balance Ending Balance Fund Type Fund Number/Name as of May 31, 2022 Receipts Disbursements Journal Adjustments as of June 30, 2022 General Fund 100 General Fund 119,250,480 9,541,698 (4,962,941) (580,913) 123,248,325 General Fund 130 Investment Fund (1,200) - - - (1,200) Special Revenue Funds 210 Storm Drain Improvement 2,351,326 - (11,218) - 2,340,108 Special Revenue Funds 215 Storm Drain AB1600 1,855,315 7,097 - - 1,862,412 Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 981,529 575,866 (100,384) (103,792) 1,353,218 Special Revenue Funds 260 CDBG 526,002 - (73,705) - 452,297 Special Revenue Funds 261 HCD Loan Rehab 232,280 - - - 232,280 Special Revenue Funds 265 BMR Housing 6,045,158 3,350 (52,803) (25,652) 5,970,054 Special Revenue Funds 270 Transportation Fund 12,670,077 224,692 (319,128) (204,168) 12,371,473 Special Revenue Funds 271 Traffic Impact 750,695 - - - 750,695 Special Revenue Funds 280 Park Dedication 22,115,785 - (35,249) - 22,080,536 Special Revenue Funds 281 Tree Fund 138,323 - - - 138,323 Debt Service Funds 365 Public Facilities Corp 2,284,850 - - (2,278,000) 6,850 Capital Project Funds 420 Capital Improvement Fund 30,275,814 110,000 (520,657) - 29,865,158 Capital Project Funds 427 Stevens Creek Corridor Park 174,018 - - - 174,018 Capital Project Funds 429 Capital Reserve*9,546,568 - - - 9,546,568 Enterprise Funds 520 Resource Recovery 6,208,920 217,055 (159,454) (84,641) 6,181,879 Enterprise Funds 560 Blackberry Farm 1,260,849 539 (62,849) 47,274 1,245,812 Enterprise Funds 570 Sports Center 2,326,278 - (346,865) 81,553 2,060,966 Enterprise Funds 580 Recreation Program 3,454,398 11,545 (129,012) 12,741 3,349,672 Internal Service Funds 610 Innovation & Technology 1,809,088 - (343,869) 736,187 2,201,406 Internal Service Funds 620 Workers' Compensation 3,947,638 - (4,231) 73,109 4,016,516 Internal Service Funds 630 Vehicle/Equip Replacement 865,973 - (185,307) 426,124 1,106,790 Internal Service Funds 641 Compensated Absence/LTD 691,266 - 790 (2,238) 689,817 Internal Service Funds 642 Retiree Medical (3,732) - (114,486) (3,720) (121,938) Total 229,757,697$ 10,691,842$ (7,421,366)$ (1,906,137)$ 231,122,036$ 5 Fund Balances/Net Position Beginning Fund Balance Ending Fund Balance Fund Type Fund Number/Name as of May 31, 2022 Revenues Expenditures as of June 30, 2022 General Fund 100 General Fund 111,993,216 7,698,537 9,463,770 110,227,984 General Fund 130 Investment Fund (1,200) - - (1,200) Special Revenue Funds 210 Storm Drain Improvement 2,351,326 - 11,218 2,340,108 Special Revenue Funds 215 Storm Drain AB1600 1,855,315 7,097 - 1,862,412 Special Revenue Funds 230 Env Mgmt Cln Crk Strm Drain 1,012,569 577,074 212,416 1,377,227 Special Revenue Funds 260 CDBG 1,055,421 312,467 73,705 1,294,183 Special Revenue Funds 261 HCD Loan Rehab 232,280 - - 232,280 Special Revenue Funds 265 BMR Housing 6,045,158 3,350 115,343 5,933,166 Special Revenue Funds 270 Transportation Fund 12,668,008 341,821 764,809 12,245,020 Special Revenue Funds 271 Traffic Impact 750,695 - - 750,695 Special Revenue Funds 280 Park Dedication 22,115,734 - 47,383 22,068,351 Special Revenue Funds 281 Tree Fund 138,323 - - 138,323 Debt Service Funds 365 Public Facilities Corp 6,850 - - 6,850 Capital Project Funds 420 Capital Improvement Fund 27,264,746 639,854 652,728 27,251,872 Capital Project Funds 427 Stevens Creek Corridor Park 174,018 - - 174,018 Capital Project Funds 429 Capital Reserve*9,546,568 - - 9,546,568 Enterprise Funds 520 Resource Recovery 5,275,720 253,196 333,167 5,195,750 Enterprise Funds 560 Blackberry Farm 966,802 56,726 104,656 918,873 Enterprise Funds 570 Sports Center 2,451,596 376,404 562,547 2,265,453 Enterprise Funds 580 Recreation Program 2,584,224 326,211 389,495 2,520,940 Internal Service Funds 610 Innovation & Technology 384,590 739,901 319,697 804,794 Internal Service Funds 620 Workers' Compensation 2,511,225 89,208 20,330 2,580,103 Internal Service Funds 630 Vehicle/Equip Replacement 1,722,965 429,650 108,399 2,044,215 Internal Service Funds 641 Compensated Absence/LTD 691,266 8,700 10,148 689,817 Internal Service Funds 642 Retiree Medical (3,732) - 118,206 (121,938) Total 213,793,683$ 11,860,195$ 13,308,015$ 212,345,863$ Questions? July 25, 2022 Budget Format Review Subcommittee Review and provide recommendations on the format of the City’s budget so that the City’s budget is readable and comprehensible Mission •Adopted Budget •Budget at a Glance (BAAG) •Quarterly Financial Reports •Interactive Financial Transparency Portal (OpenGov) Budget Documents & Resources •City Website cupertino.org/budget •Interactive Financial Transparency Portal cupertino.org/opengov •Resident Tax Calculator and Budget Forecast Tool cupertino.org/interactive- budget-tools Accessing the Budget 4 Questions? Thank you!